Raffle of Company Assets

Jonwilding1

Advice needed.  Due to Covid19 my business is nil until the start of next year potentially. I am a concession, working at large events and have a trailer set up as a cocktail bar.
Nobody would want to buy it right now, understandably, so, i came up with the idea of doing a raffle to win the trailer. This would make enough money for me to pay the debts and effectively close the business.  I had thought of selling tickets at £100 each with a timescale and or ticket number limit.
The winner would gain themselves a brilliant prize for £100 and i would be free from the financial burden.
My accountant is unsure of the legal parameters/competition rules etc and i have no idea who to turn to for advice.
Help gratefully received.

Galloglass

https://www.gamblingcommission.gov.uk/for-the-public/Fundraising-and-promotions/Fundraising-and-promotions.aspx

Semple

How much is the trailer worth? And do you think you'll be able to shift enough tickets at £100 a piece? 

Yes it's great for the winner to have something for only £100, but everyone else who's a potential looser, that might be a fair bit of cash to stomach loosing. 

What's your plan if you don't sell enough tickets? 

These things rarely work when someone is trying to flog a £2million house for £5 tickets. 

sharpe106

£100 a ticket seems a lot for people just to take a gamble on, £5 or £10 people would be more likely to. Also would it really appeal to that many people? I wouldn't want to gamble £100 on a chance of maybe winning a trailer.

Undervalued

Jonwilding1 said:

Advice needed.  Due to Covid19 my business is nil until the start of next year potentially. I am a concession, working at large events and have a trailer set up as a cocktail bar.
Nobody would want to buy it right now, understandably, so, i came up with the idea of doing a raffle to win the trailer. This would make enough money for me to pay the debts and effectively close the business.  I had thought of selling tickets at £100 each with a timescale and or ticket number limit.
The winner would gain themselves a brilliant prize for £100 and i would be free from the financial burden.
My accountant is unsure of the legal parameters/competition rules etc and i have no idea who to turn to for advice.
Help gratefully received.

I would be very, very careful.

As others have said you would need a licence. You would also need to find out if you can legally cancel (and obviously refund those that have bought tickets) if you don't sell enough.

Also, who would audit the draw to make sure it is fair? What would that cost? Imagine if a close friend won. Would the other ticket holders suspect a fix?

You don't say what the trailer is worth. Say £2000? So 20 tickets at £100 each. Would you pay £100 for a one in twenty chance of winning (and a 19 out of 20 chance of losing £100)?

Vestraun

This must be a wind up. 

[Deleted User]

You are better off finding someone who really wants a trailer, and selling it to them cheap.

Maybe try Autotrader?

Jonwilding1

Thanks for all the comments so far, it is far from a wind up but it might be an impossibility.
Its not just a trailer, the trailer is fully fitted out and could start up as a business tomorrow if it wasnt for social distancing.
I am looking to sell maybe 3-400 tickets at £100 each, hopeful that it would appeal to the industry and the more affluent maybe. Its a big unit.
If not enough tickets are sold then all monies would be refunded.
Draw would be based on a number generator used from the internet, no friends or familly allowed etc, usual ts and cs would apply

Potbellypig

It's a bold, brave move, fraught with danger, and I'd recommend against it. But it's not impossible to make it work. 
For that reason, I'm oot. 

Thrugelmir

Jonwilding1 said:

Thanks for all the comments so far, it is far from a wind up but it might be an impossibility.
Its not just a trailer, the trailer is fully fitted out and could start up as a business tomorrow if it wasnt for social distancing.
I am looking to sell maybe 3-400 tickets at £100 each, hopeful that it would appeal to the industry and the more affluent maybe. Its a big unit.
If not enough tickets are sold then all monies would be refunded.
Draw would be based on a number generator used from the internet, no friends or familly allowed etc, usual ts and cs would apply

Read the link provided above by @Galloglass

sharpe106

How much is the trailer worth? I doubt that enough people will really want it that much to be willing to risk £100 on a one in 300 or 400 chance of winning it.